The latest official data published on September 4 shows that inflation in Türkiye reached 58.9% year-on-year in August, making it the highest since December 2022, media reports.
This is a significant increase of almost 60% compared to last August and a 9.1% increase compared to the previous month.
The Turkish lira's depreciation has played a major role in fueling this price rise.
Inflation had been declining for eight months before accelerating again in July, reaching 47.8% year-on-year.
The lowest level was seen in June, at 38.2% year-on-year, while the highest was 85.5% in October 2022.
According to independent economists from the Inflation Research Group (Enag), the year-on-year rise in consumer prices could be as high as 128%.
To curb inflation, the country's Central Bank has increased its primary key interest rate from 8.5% to 25% since June. The bank's mission is to guard price stability, and it has been working hard to achieve this goal.
In fact, when inflation started accelerating again in July, the bank revised its forecasts and said that inflation would reach 58% by the end of 2023 -- more than double the previous projections -- before returning to "stability" from 2025.
Türkiye has been experiencing uninterrupted double-digit inflation since the end of 2019. While the situation is challenging, there are steps being taken to curb inflation and stabilize the economy.
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